IRA

With an IRA (Individual Retirement Arrangement), you choose the plan that's right for you. The links below will help you with your selection. Depending on your choice, you may be able to take a tax deduction for Traditional IRA contributions, or withdraw the earnings on a Roth IRA tax-free. Our online features make it easy to establish an IRA, name your beneficiary(ies) and view and manage your account.

Traditional/Roth

Traditional IRA

Traditional IRAs are potentially tax-deferred retirement plans; you don't pay taxes on your contributions until you withdraw the funds. Contributions can be made as long as you have earned income and you're below the age of 70½.

Yearly Contribution Limits

Tax Year

Under 50

Age 50 and Over

2018

$5,500

$6,500

Contribution Deadlines

Contribution Deadlines

Current tax year: December 31, 2018

Prior tax year: April 17, 2018

If you are covered by a retirement plan at work, use this table to determine if your income affects the amount of your deduction.

Income Limits for Tax Deductions

Income for Married Filing Joint

Income for Single Filer

Deductibility

$101,000 or less

$63,000 or less

Contribution is 100% tax-deductible

Between $101,000 - $121,000

Between $63,000 - $73,000

A portion of your contribution is tax-deductible

$121,000 or more

$73,000 or more

Your contribution is not tax-deductible

Roth IRA

With a Roth IRA, you pay taxes now and withdraw the funds tax-free when you retire. Contributions can be made after the age of 70½ without any required minimum distributions as long as you have earned income.

SEP

Simplified Employee Pension (SEP)

If you're self-employed (or work for a participating employer), an SEP plan may be the ideal way to save for retirement. You may make contributions into your own and into each of your eligible employee's SEP plans.

Available to all types of businesses: sole proprietorships, partnerships and corporations

MMSA & Savings

MMSA & Savings

Our IRA Money Market and Savings Accounts do not require a minimum deposit or set term. These accounts accept contributions, IRA funds from other financial institutions, and 401(k) rollovers. How to transfer funds.

IRA Savings Account

Certificates

Certificates

Our IRA certificates accept contributions and rollovers, and are designed with a variety of terms and minimum balance options to help you reach your retirement goals. Choose a certificate with a one-time deposit, or open an EasyStartSM which allows additional deposits throughout its term.

Trusteed

Trusteed IRA

A retirement savings plan that offers the tax benefits of an IRA and the flexibility of a trust.

Gives you control over distributions from your IRA to a beneficiary

You can limit distributions to income only, or you may provide for more liberal distributions for health, education, maintenance and support

Trustee of your IRA will make payouts to the beneficiary according to your restrictions

Required minimum distributions set by IRS code will always be made to the beneficiary

You and your beneficiaries may benefit from a Trusteed IRA if you have:

A blended family (second marriage with children from your first marriage)

A beneficiary who may unwisely misspend or mismanage IRA assets

The desire to plan for incapacity or avoidance of guardianship

Call Navy Federal Financial Group at 1-877-221-8108.

Nondeposit investment and insurance products are offered through Navy Federal Financial Group, LLC (NFFG) and through its subsidiary, Navy Federal Brokerage Services, LLC (NFBS), a member of FINRA/SIPC and an SEC registered investment advisory firm. Brokerage and advisory products are offered through NFBS. These products are not NCUA/NCUSIF or otherwise federally insured, are not guaranteed or obligations of the credit union, are not offered, recommended, sanctioned, or encouraged by the federal government, and may involve investment risk, including possible loss of principal. Products may be offered by an employee who serves both functions of accepting member deposits and selling nondeposit investment and insurance products. 1-877-221-8108.

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Direct Transfers and Rollovers

Moving funds from another qualifying plan to a Navy Federal IRA is simple and may be processed as a transfer or rollover. Consult a reputable tax advisor to help decide which is best for you.

Direct Transfer–Funds are sent directly from another IRA to a Navy Federal IRA. Direct Transfers are not reported to the IRS.

Direct Rollover–Funds are distributed from a qualified retirement plan, such as a 401(k) or TSP*, and deposited into a comparable IRA plan. Direct Rollovers are reported to the IRS.

Indirect Rollover–Funds are distributed directly to you and must be deposited into an IRA account within 60 days to avoid being taxed. Indirect Rollovers are reported to the IRS.

Things to Consider

Before you decide on an IRA, first consider what's important to you.

Things to Consider

Being able to:

Traditional

Roth

SEP

Get a potential tax write-off

Contribute to your IRA without income restrictions

Earn dividends tax free

Contribute to your IRA without age restrictions, as long as you have earned income*

Contribute to your IRA or receive employer contributions

*Earned income includes wages, salaries, tips, professional fees, bonuses, commissions, self-employment income, alimony, separate maintenance, and other amounts that appear in Box 1 on your W-2.

Appointing Beneficiaries

Naming a beneficiary is highly recommended. Without naming a beneficiary, you run the risk of having your IRA assets paid to your estate and subject to probate. You'll want to refer to the terms of your IRA plan agreement to verify how your IRA assets will be distributed.

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